Discuss the three types of business ownership in a market economy. Define and give at least 3 advantages and 3 disadvantages of each type of business.
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- a.Discusses the principles of individual decision making with examples b.Explain with your own words the determinants of price elasticity of demand. c. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples, d. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view. ReplyForwardwhat is market free economy? and discussion on free market economy advantages and disadvantages ?Which of the following best describe what we mean byresources in economics? A. The natural resources, like water and trees. B. The factors of production used to produce goods and services. C. The human resources, like workers. D. The capital resources, like tools and buildings.
- Discuss the Sixth principle of economics by Mankiw and why it is important to economic activity.1. In your own understanding, What is Micro-economics? 2. Give examples of Micro-economics. 3. Give a situation that shows Micro-economics.Discuss how an economy can shift toward a market-based system.“References “.
- Does an individual consumer really have a voice in answering the "basic four economic questions"? (a. What goods and services- and how much of each- will be produced? b. How will these goods and services be produced? c. For whom will these goods and services be produced? d. Who owns and who controls the major factors of production?) Why do you feel this way? Be specific and give examples in your answer. This class is intro to business1. Discuss the principles of individual decision making with examples Q.2. Explain with your own words the determinants of price elasticity of demand. Q.3. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples. Q.4. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.Name the three main economic markets, and describe how an individual might participate in each one as a buyer or a seller
- Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. GOOD PRODUCTION ALTERNATIVES A B C D E X 0 15 18 21 24 Y 45 42 37 27 0 Question: Explain the different points on the curve. What does each point represent? Why is it important for an economy to be on its production possibilities frontier?Identify the three main types of economic activities. Then tell one way that all three are similar and one way that all three differ.Give examples and definitions of how these economic terms are used: (Simple definitions) -factory market -opportunity cost -wealth -wants -needs -production possibilities graph -scarcity
